KOHIMA — India’s ambitious strides in fostering a robust startup ecosystem have propelled it to rank as the third most startup-friendly country worldwide, with Canada at the front.
According to new research published by US-based Hostinger, Canada topped the list with the youngest entrepreneurs, an impressively fast business setup time of two days, and an ease of doing business score of 98.
The study analysed factors influencing early-stage entrepreneurship, including the average age of startup founders, cost to start a business, ease of doing business, time to start a business, and an overall country startup friendliness index. Based on these factors, Canada achieved a composite score of 100, making it a top choice for young entrepreneurs.
Israel followed closely with a score of 99. India’s third-place ranking comes with a composite score of 94, highlighting its rapid startup setup time of just 1.5 days, the fastest among all countries in the study.
While the cost to start a business is a moderate $1,036 (INR 86,000) and its ease of doing business index stands at 60, India’s growing economy and supportive policies make it an attractive destination for entrepreneurs, the report stated.
Germany followed in fourth place with a score of 90, offering a stable foundation with transparent business practices and a highly educated workforce in hubs like Berlin and Munich. Nigeria, with a composite score of 87, was ranked fifth.
Other countries in the top ten include Singapore, Portugal, the United Arab Emirates, the Netherlands, and South Africa.
The study underscores the global trend toward promoting entrepreneurship among young founders, as countries aim to streamline processes and make it easier for new businesses to launch.
Nagaland’s roadmap
Nagaland is progressing in its efforts to build a supportive startup ecosystem, with 321 startups registered as of November 7, 2024, according to data from the StartUp Nagaland website.
Earlier this year, on May 22, P Tokugha Sema, the Director of Industries & Commerce, revealed that since the 2019 launch of Nagaland Startup Policy, the state has registered 296 startups. This indicates a recent increase of 25 startups from May to November.
The latest report also shows that 12 startups have received seed funding, supported by five incubators across the state.
The department of Industries & Commerce serves as the nodal agency implementing the state’s Startup Policy.
One primary objective of the 2019 Nagaland Startup Policy is to facilitate 100 startups per district and promote ‘Made in Nagaland’ products and services.